02-11-2017

Weaker capesize rates drag down Baltic index

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for the sixth-straight session on Wednesday, mainly driven by weaker rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 26 points, or 1.71 percent, to close at 1,496 points.

The capesize index dipped 82 points, or 2.55 percent, to 3,137 points, its biggest percentage fall since late September.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $743 to $21,317.
The panamax index snapped its eight session losing streak and was up 11 points, or 0.74 percent, at 1,503 points.

Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $86 to $12,089.

Among indexes tracking rates for smaller vessels, the supramax index fell 17 points to close at 1,043 points. The handysize index shed 6 points to finish at 673 points.

Source: Reuters

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